Horizon retail park forward sold for £38.78m
Royal London Asset Management has completed on the forward purchase of Horizon retail park in Farnborough, recently completed by Steamrock Capital and Catalyst Capital, for £38.78 million, reflecting a net initial yield of 5.25 per cent.
Horizon retail park comprises almost 80,000 sq ft of retail warehouse space and 228 car parking spaces and recently opened for trade. The development incorporates six retail warehouse units let to Sofology, Wren Kitchens, Oak Furnitureland, Harveys, Tapi and Hobbycraft.
Mike Lawrence, head of retail in Royal London Asset Management’s property team, said: “Horizon is an excellent acquisition for us and is in line with the Royal London Pension Property Fund’s objectives of acquiring best in class assets within demographically strong locations across the UK.”
RLAM was advised by CWM Out Of Town and Steamrock Capital was represented by Morgan Williams.
